Starwood Capital says hotel sale rumours are “hogwash”

Starwood Capital has refuted claims that it is to sell the Hotel Martinez in Cannes, France for €450 (£358m).

It was reported in Property Week that the sale of one of the most prominent hotels on the Cannes conference circuit was being handled by investment firm Alexander Associates Group.

Alexander Associates was said to have sent out sales particulars for the 411-room, on the famed Boulevard de la Croisette, late last week saying Starwood Capital was selling.

But chief operating officer of Starwood Capital Desmond Taljaard, said the claims were “absolute hogwash”.

“I’d like to see a mandate from Alexander Associates for this sale, because it’s the first I’ve heard of it”, he added.

The Hotel Martinez, which is operated by Concorde Hotels & Resorts, was built in 1929 and refurbished in 2003. It features a beach, heated pool and meeting rooms totalling 27,000 sq ft.

Property agents CB Richard Ellis published a report on the French hotel market recently that revealed hotel investment volumes had fallen from €2bn (£1.6bn) in the first half of 2007 to just €800m (£636m) this year.

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By Gemma Sharkey

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